A letter of intent for the placement of $7.2 million involving a convertible debenture has been received from foreign investor institutions, International Platinum (TSE) and Swansea Gold Mines (CDN) report.
The debenture is convertible at any time into common shares at 40 cents for International Platinum and at 60 cents for Swansea.
The companies plan to use the proceeds for working capital and to complete jointly the purchase of three platinum group metal properties on the Bushveld Complex in South Africa. Also, the proceeds will go toward finalizing feasibility studies for the Kroondal, Valencia and Brits West properties.
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